The EV tax credit expiration effects continue to suppress sales.
New-vehicle retail sales are projected to decline 4.8% in November compared to a year ago, reaching 1,058,500 units, as the industry continues to feel the effects of electric vehicle purchase acceleration before federal tax credits expired Sept. 30, according to a forecast from J.D. Power and GlobalData.
Total sales including fleet sales are expected to reach 1,255,900 units, down 5.2% year over year. The seasonally adjusted annualized rate for total sales is projected at 15.4 million units, down 1.2 million units from November 2024.
Electric vehicles are expected to account
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